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FRANKFURT - Commerzbank AG (OTC:CRZBY) (ETR:CBK) announced today that its Annual General Meeting has approved a dividend distribution and further share buybacks, signaling confidence in the bank’s financial strength and future strategy. The meeting, which took place on Monday, saw a robust endorsement of the bank’s proposed dividend of 65 cents per share, with a 99.89% majority vote. This decision results in a total dividend payment of €733 million for the financial year 2024.
In addition to dividends, the shareholders authorized Commerzbank (ETR:CBKG) to proceed with share buybacks, a move that reflects the bank’s commitment to returning value to its shareholders. The buyback program, approved by 96.43% and 96.52% of the votes, could see the bank repurchasing up to 10% of its share capital through the stock exchange or multilateral trading systems.
The Annual General Meeting also ratified the actions of the Board of Managing Directors and Supervisory Board and saw the election of two new Supervisory Board members, Sabine Lautenschläger-Peiter and Michael Gorriz, both securing over 99.5% of the votes.
Jens Weidmann, Chairman of the Supervisory Board, emphasized the bank’s crucial role during times of geopolitical and trade policy challenges. CEO Bettina Orlopp expressed her confidence in the bank’s strategy and its ability to deliver on promises, emphasizing the importance of reliability and the bank’s plans for increased capital return.
The Annual General Meeting further approved the remuneration report for the 2024 financial year and the new remuneration systems for the Board of Managing Directors and the Supervisory Board, which will be effective from January 1, 2026.
Commerzbank, a leading bank for the German Mittelstand and a significant player in foreign trade financing, aims to leverage its position to drive economic transformation and growth. The bank’s plans for capital returns and strategic initiatives reflect its ambition to create value for all stakeholders while navigating the challenges of the current economic landscape.
This information is based on a press release statement from Commerzbank.
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